Cathie Wood, founder of ARK Investment Management, doubts the SEC’s willingness to approve spot ETFs for cryptocurrencies beyond Bitcoin and Ethereum. Wood expressed her skepticism in a recent interview, suggesting that only Bitcoin and Ethereum are likely to be approved by the SEC.
This skepticism arose as Franklin Templeton filed for SEC approval to launch a spot Ethereum ETF, named the “Franklin Ethereum ETF.” The filing includes plans to stake a portion of the ETF’s Ether for additional income, mirroring strategies proposed by ARK 21Shares.
Franklin Templeton, with $1.5 trillion in assets under management, joins other major asset management firms like BlackRock, VanEck, Fidelity, Invesco Galaxy, Grayscale, and Hashdex in seeking approval for spot Ethereum ETFs.
Despite the introduction of spot Bitcoin ETFs by eight firms, including Franklin Templeton, the latter’s spot Bitcoin ETF has seen less success, gathering only $77 million by February 9. In contrast, BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund have attracted significant investor interest.
However, the SEC has delayed decisions on spot Ethereum ETF applications, including those from Grayscale Investments, BlackRock, and VanEck, with a likelihood of approval before May estimated at below 50% by JP Morgan.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
